Two-Family Redevelopment
33 Garfield Street Lawrence, MA 01843
33 Garfield Street, Lawrence, MA, 01843
$679,900
For Sale
$679,900
Built in 2010 and recently subdivided; plans approved for two-family use with a spacious garage and off-street parking.
Property Size3,208 SF
Price / SF$211.94
Days on Market98
Property Features for 33 Garfield Street
General Information
- Standard status
- Active
- Size
- 3,208 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 2010
Listing agency
Realty ONE Group Nest
Listed by
Jose Frias
(617) 661-6600
Source
Cambridgerealty
Added: Apr 15 Updated: Jul 20 at 5:15PM Checked: Jul 20 at 5:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty ONE Group Nest
Investment Insights
Based on property information with market context.
This for-sale property at 33 Garfield Street is a well-maintained structure built in 2010. It has been recently subdivided from the original dual-building parcel (formerly Buildings 31 & 33). The zoning board approval for redevelopment into a two-family dwelling is already secured, providing a clear path for a renovated residential configuration. The property also includes a spacious garage with potential for expansion.
Off-street parking is abundant, supporting practical day-to-day use for a two-family setup. The home is positioned for buyers who want to combine purchase and renovation through an FHA 203(k) rehab loan, with the option to reimagine the layout as two residential units plus a larger garage space suitable for a home-shop or protected tandem parking for two cars.
Overall, the property offers a solid, newer construction base with approvals in hand for a two-family redevelopment plan.
Off-street parking is abundant, supporting practical day-to-day use for a two-family setup. The home is positioned for buyers who want to combine purchase and renovation through an FHA 203(k) rehab loan, with the option to reimagine the layout as two residential units plus a larger garage space suitable for a home-shop or protected tandem parking for two cars.
Overall, the property offers a solid, newer construction base with approvals in hand for a two-family redevelopment plan.
Key Highlights
- Built in 2010 and recently subdivided from the original dual‑building parcel.
- Zoning Board approval already secured to redevelop into a two‑family dwelling.
- Plans include a spacious garage with potential for expansion.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $80.8k | $25.20 |
| − Vacancy | −$3.6k | −$1.13 |
| EGI | $77.2k | $24.07 |
| − OpEx | −$23.2k | −$7.22 |
| NOI | $54.0k | $16.85 |
3,208 SF · lease $25.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$772.0K
$675.5K – $900.7K
NOI $54,043 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$696.9K
$609.8K – $813.0K
NOI $48,782 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $132,939 @ 7.0% cap · market cap 19.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
JC Caulking
General Contractor
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Built in 2010 and recently subdivided; plans approved for two-family use with a spacious garage and off-street parking.
Where is this duplex located?
The property is located at 33 Garfield Street Lawrence, MA.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Built in 2010 and recently subdivided from the original dual‑building parcel.; Zoning Board approval already secured to redevelop into a two‑family dwelling.; Plans include a spacious garage with potential for expansion.
